Further to our previous newsfeeds
on this, with an announcement issued on 16 July 2024, the Cyprus Registrar of
Companies (the “Registrar”) notified that the announcement of 17 May 2024, on
penalties related to the Register of
Beneficial Owners of Corporate and Other Legal Entities (UBO Register) is repealed
and replaced by this new announcement.
As with the announcement of 17 May 2024, it is
mentioned that in case of change of officers in a company or partners in a
partnership, it is the responsibility of the new officers/partners to check,
before they are appointed, whether the Ultimate Beneficial Owner/s (UBO/s) have
been declared to the UBO Register.
However, it is now clarified that the responsibility
of the new officers/partners to comply with the obligations related to the UBO
Register commences from the date they are appointed.
Furthermore, it is stressed that in case a penalty for
non-compliance is imposed to new officers/partners for a period before they are
appointed, they have the right to raise an objection to the Registrar either electronically
via email at the email address ubos@meci.gov.cy or through a letter, citing the
reasons of the objection and providing any supporting information.
Once the objection is examined, the Registrar will be
notifying the applicants electronically, through the email account mentioned
above.
